Tata Consultancy Services Limited (TCS) Earnings Call Transcript & Summary

Dear shareholders, good afternoon. I welcome you to the 28th Annual General Meeting of Tata Consultancy Services and would like to take you through key points regarding the participation at this meeting. The facility for joining the AGM through video conference other audiovisual means is made available for the members. [Operator Instructions].

Dear shareholders, good afternoon to all of you. I would like to welcome you all to the 28th Annual General Meeting of the company. As the requisite quorum is present, I now call the meeting to order. This Annual General Meeting is being held through video conference in accordance with the circulars issued by the Ministry of Corporate Affairs. The live streaming of this meeting is also being webcast on NSDL's website. The company has taken the requisite steps to enable members to participate and vote on the items being considered at this AGM. The registers, as required under the Companies Act 2013, are open for inspection. The company has received letters along with board resolutions from seven corporate shareholders appointing and authorizing representatives under Section 113 of the Companies Act 2013. These represent 2,648,619,760 equity shares which is 72.39% of the paid-up equity capital of the company. There is no physical attendance of the members, and therefore, requirement of appointing proxies is not applicable. I now call all the directors who have joined through video conference to introduce themselves. Mr. OP Bhatt.

Thank you, Chairman. Good afternoon, everyone. I am Om Prakash Bhatt, Independent Director on the company's Board since April 2012. I also chair the Nomination and Remuneration Committee, and I'm attending this Annual General Meeting for the financial year '23 from my residence on video conference. I hope you and your family members are healthy and doing well. Take care.

Dr. Pradeep Kumar Khosla.

Mr. Chairman. Good afternoon, everyone. I'm Pradeep Kumar Khosla, and I'm an independent Director of this company since January 2018. I also chair the Stakeholders' Relationship Committee and I'm attending this meeting -- attending the fiscal FY '23 meeting from the TCS house through video conferencing.

Hanne Sorensen.

Thank you, Chairman. Good afternoon, everyone. My name is Hanne Sorensen, and I've been an independent Director on this board since December 2018. I'm attending the Annual General Meeting from my residence in Copenhagen, Denmark via video conference. I hope that you and your families are all well and in good health. Thank you.

Mr. Keki Mistry.

Thank you, Chairman, and good afternoon, everyone. My name is Keki Mistry. I've been an Independent Director of TCS since December 2018. I also chair the Audit and Risk Committees of the Board. I'm attending this meeting from my office in Mumbai, and I take this opportunity to wish all of you and your families the very best in the new year.

Mr. Don Callahan.

Thank you, Chairman, and good afternoon. I am Don Callahan, Independent Director since 2019. I am attending this Annual General Meeting from my home in the United States. And I hope you and your family are well. Take care.

Aarthi Subramanian.

Thank you, Chairman. Good afternoon, everyone. I'm Aarthi Subramanian, Non-Executive Director of the company's Board since August 2017. I'm attending this Annual General Meeting of FY '23 from TCS House through video conference. I hope all of you are doing well. Thank you very much.

Thank you all. In addition, we also have our senior executives, statutory and secretarial auditors of the company joining this meeting through video conference from their respective location. Joining this meeting here in TCS house are Mr. Krithivasan, Chief Executive Officer and Managing Director; Mr. Ganapathy Subramaniam, Chief Operating Officer and Executive Director; Mr. Samir Seksaria, Chief Financial Officer; and Mr. Pradeep Gaitonde, the Company Secretary. As you're aware, Mr. Krithivasan has been appointed by the Board as the Managing Director and Chief Executive of the company with effect from June 1, 2023. I would like to thank Mr. Rajesh Gopinathan for his contribution to the company over the years and also would like to wish the very best for Mr. Krithivasan in his new role. I would also like to take a moment, at this time, we express our deep sense of loss on the sad demise of our former CFO, Mr. V Ramakrishnan, who was affectionately called as Ramki. He had made enormous contributions to the company during his time. Now I would like to focus on the market environment, and performance of the company, and what we can look ahead. As you all know, the year '22, '23 has been an year of intense geopolitical as well as economic volatility. The ongoing Russia-Ukraine conflict and other geopolitical tensions have caused a lot of disruption especially in the functioning of the supply chains globally. There has been a surge in inflation, more so in the developed markets. The economic outlook for 2023 appears to have a downside risk and the global GDP is expected to be around 2.9%. In such an environment, the demand for your company's services has shown remarkable resilience. This is a testimony to the strength of your company's business model and its ability to adapt and adopt to the continuously evolving technological landscape. The company has a clear focus on staying relevant for our customers, and create value for all stakeholders. Our focus has been to continue to invest on our people, build new capabilities, invest in research and innovation as well as development of the intellectual property. We continue to play a very important role for our clients to enable their business transformation, helping them to accelerate technology adoption as well as bring agility in execution during the transformation. The world is going through multiple transitions at this point in time. The most important three such transitions are: digital and artificial intelligence transition, new energy transition, and transition towards a resilient global supply chain. All of these transitions require significant investment in technology, new products and innovation by all our clients. First, over the past decade, there has been a rapid evolution of digital technologies. We have gotten used to several buzzwords, but each of these technologies have had a significant impact on all businesses. Now particularly the advancements in AI have made AI as a key focus area. The world and businesses have been focused on adopting to what we call as a predictive AI. But already, we are seeing a transition happening from predictive AI to generative AI. The majority of the businesses are still coping and adopting to predictive AI and they are all at different stages of such a transformation, capturing large volumes of data and harnessing the power of analytics, cloud and IoT. Generative AI would further require technology investments and talent and execution on the part of all companies globally, irrespective of the industries they operate in. The second transition I want to talk about is the transition towards new energy. Commitment towards new energy transition, sustainability and the greener world is becoming a top priority for all businesses, governments and society. And it is happening across industries, be it services or manufacturing. New business models are emerging. The transition requires significant innovation, investments in technology, be it electric mobility, renewable power, hydrogen or sustainable aviation. And a number of other areas, including small modular reactors. In addition, sustainability compliance-related standards are evolving, and new regulations are coming into play. Across all of this, there will be significant investments required in information technology and systems and applications that the companies will have to invest in. The third, the geopolitical shifts are altering the current established supply chains. Companies are creating alternative supply chains to ensure continuity, resilience in addition to efficiency. Due to this new ecosystems are being created, and India is playing a pivotal role in such supply chains. This requires capital investments as well as investments in technology, to set up digital-first manufacturing operations and delivery. All the above trends require investments in technology, talent, project execution and your company is extremely well placed to partner with clients in enabling them in such transformations and is making all the necessary investments. In addition, your company is focused on the talent that is required for the coming decade, both in terms of hiring the required talent as well as investment in training of the existing people as well as the new talent that we bring into the company. A large number of [ young ] engineers have been hired by the company in the last 2 years. In the year FY '22, we brought in over 110,000 engineers. And in the last fiscal year, [ over ] 44,000 engineers. Our workforce is global, diverse and represent 150 nationalities. And women make up close to 36% of our workforce. The training investment is very significant. And during the last year, the company has logged in more than 50 million training hours. All of this continues to help the company to deliver the right financial results and value to shareholders. The company delivered INR 225,458 crores of revenue which is a growth of 17.6% at an operating margin of 24.1%. Our net profit was 18.7%. The earnings per share was INR 115.19, a growth of 11.2% over the previous year. In line with the practice of returning 80% to 100% of free cash flow to shareholders, and based on the company's performance, the directors have recommended a final dividend of INR 24 per share, bringing the total dividend for the year to INR 115 per share. For the full year, the company's shareholder payout was INR 42,079 crore representing 108% of the free cash flow during the year. The company also received several awards and recognition globally, and I'm happy to say the company was the only Indian brand in the top 50 of the 2022 Kantar BrandZ awards, and company is among the top 10 most valuable global brands and is named among the top 10 fastest-growing brands. TCS combines its strong sense of purpose to the digital expertise and innovation, not only for its own sustainability journey, but also that of its customers. The company's sustainability program is in line with Project Aalingana which is the Tata Group level initiative to drive the group entities to be a net zero group by 2045. On the CSR front, we continue to work with communities across the world, pursuing our long-standing commitment to programs in the areas of skill development, bridging the digital divides and STEM education. The company's CSR initiatives have benefited over 4.5 million people during the last fiscal year. The future before us is exciting and your company with customer centricity at the core of its strategy is well placed to scale up to the opportunities in various areas, whether it is digital engineering, transformation using cloud, IoT and artificial intelligence, necessary deployment of cyber tools to ensure cybersecurity of all our clients or play a leading role in deploying 5G and 6G technologies not only for the telecom operators, but for the enterprises to take advantage of modern technology to make every company a real-time company. Our commitment to our employees will remain top most with a focus on their career development, well-being and camaraderie. I would like to thank all of you shareholders for your valued support, and now I look forward to taking questions from you. And before that, I'll request the CEO and MD, Krithivasan, to make a presentation.

Thank you, Chairman. Good afternoon, shareholders. Let me begin by saying that I'm very excited and humbled by the opportunity to lead this remarkable organization, that I've been part of for the last 34 years and also to be in front of you today. Over the next few minutes, I'll provide you an overview of our performance in FY 2023. We had a very strong growth in FY '23 with the revenue growing at about 17.6% and delivering a revenue of INR 225,458 crores and in constant currency terms, it translates to about 13.7% year-on-year growth. We also, despite the strong growth macroeconomic overhang, we delivered a strong total TCV, we are -- our total order book for the year was about $34.1 billion, and it translates roughly to $1.2 billion book-to-bill ratio. And continuing our TCV growth we actually ended Q4 at about $10 billion TCV, which is the strongest for the year. And this despite this in the U.S. and there's also the resultant uncertainty. And our strong revenue growth also came with the industry-leading profitability. Our operating margin was at 24.1% and net margin was at 18.7%. With the 3 interim dividends, the special dividend and the final dividend, our total dividend for the year was INR 115 per share, which translates into a total payout of INR 42,079 crores, which is 108.2% of the free cash flow. On the people front, we ended the year with a workforce that is 614,795 strong, with falling attrition, we recalibrated our hiring efforts, focusing more on utilizing the excess capacity we built in the prior year. Net addition during the year was 22,600 people. Our workforce continue to be very diverse with women making up 35.7% of the base and with 150 nationalities represented. On the environmental front, we are making good progress on our net-zero journey. You might recall that we had set an intermediate goal of reducing our Scope 1 and 2 emissions by 70% by 2025 versus the base year 2016. I'm very happy to inform you that we surpassed this target in FY 2023, 2 years ahead of schedule, bringing down our absolute Scope 1 and 2 emission by 71%. This was made possible through greater energy efficiency and by significantly increasing our use of renewable energy. Since 2016, we have had a 12x increase in the use of renewable energy. Lastly, we continue to work for the betterment of communities across the world. Our contributions and the volunteering efforts of TCSers have resulted in beneficial outcome for 4.5 million individuals across the world. And let's also look at -- into the financial numbers now over the 5-year horizon. On a 5-year horizon from FY '29 (sic) [ '19 ] to '23, if you look at, our revenues have grown by 54%, and this is entirely organic growth. This translates into a compounded annual growth rate of 12.9%. Importantly, this is a profitable growth. Our operating margin is industry leading, and has been consistently within a narrow band of 24% to 26%, as you can see. And in terms of longer-term value creation, you can notice, as we have extremely shareholder-friendly capital allocation policy, that's very evident from these 2 charts. The first chart shows our cash usage over the last 5 years. We've been returning 91% of the cash generated to shareholders. And also, the annual payouts in absolute terms, as well as percentage terms or the net profit has been close to more -- is been consistently had about 91% -- I'm sorry, at 99.8%. Overall, in these 5 years, our company has paid out INR 175,005 crore in regular dividends, special dividends and buybacks, including taxes. This amounts an average payout of 98.2%. And the strength and resilience of our business model comes from our customer centricity. By putting the customer at the heart of everything we do, we have been able to build deep enduring relationships with them across every industry. Customers simply love the experience of working with TCS and continually reward us with incremental business that helps drive our growth and wallet share expansion. The outcomes are evident in the 2 charts on this slide. The number of clients contributing over $100 million in annual revenue went up from 44 to 60 over the last 5 years. Those contributing over $50 million went up from 99 to 133, and those contributing over $20 million went up from 215 to 291. Also, the revenue per client who are -- with whom we are billing more than $1 million, -- that's also average revenue of those clients have also moved up from 20.8 to 22.5 revenue per client has moved in that -- in this range. But more importantly, you can also see in the bottom of the chart that we have been rated consistently #1 in customer satisfaction over the last 8 years, by independent survey, which is the largest one done in Europe, and we are really proud of what we have done with our customers over these years. Now let's look at some of the demand drivers in FY 2023. Our order book in FY '23 had a good mix of all kinds of deal wins. We have listed the vertical specific demand drivers in the Management Discussion and Analysis section of our annual report. In the interest of time, I have abstracted out the broad teams and listed them here. We continued to win growth and transformation projects throughout the year. Key themes included M&A integration or divestitures, product or business model innovation, customer experience transformation and data and analytics for improved decision making. Cloud transformation continued to be a key driver in FY '23 with greater emphasis on execution. Clients turn to us to migrate their larger, more complex workloads to the cloud and also to optimize their cloud expenses. Deals linked to cost optimization came into greater focus in the second half of the year. We saw clients consolidate their vendor landscapes to not only drive greater cost efficiency, but also to accelerate the transformation programs. With our scale and full services capability, clients saw us as a preferred strategic partner to manage their current application states while migrating them to their new technology stacks. We saw significant traction to our operating model transformation. In FY '23, we signed 29 large operating model transformation deals covering business as well as IT operation compared to 18 in the prior year. These basically entail reimagining each of these processes within a set of business or IT operations by embedding next-generation technologies within them to signify -- significantly boost automation. This results in leaner, faster, more agile and more resilient operation. TCS Cognix, our AI-driven human-machine collaboration suite has been a game changer, enabling faster transformations and deliver concrete business benefits within months. Its 600 prebuilt configurable and reusable digital solutions, enable plug-and-play transformation of a range of business and technology functions, horizontal and vertical. Nearly 300 of our clients are using it to transform their business and IT operations. In our FY '23 annual report, we have provided a few illustrative case studies of how TCS is helping clients as well as nations transform using technology. While I won't go into detail, you can read them in annual report at leisure. What stands out in these stories is how clients across the world are looking at TCS as an innovation partner to power growth -- their growth and transformation. So this innovation is made possible by the sustained investments we have been making in research and innovation. Today, we have over 5,500 dedicated researchers and innovators across TCS, focused on industry use cases for various cutting-edge technologies like generative AI, quantum computing, space technology for remote sensing, robotics and digital twins. We have over 440 innovation centers and 5 co-innovation hubs that we call Pace Port across the world in New York, Pittsburgh, Toronto, Amsterdam and Tokyo. The Toronto and Pittsburg centers were inaugurated in FY 2023. At these Pace Ports, our teams collaborate with clients to ideate on solutions to their most pressing business problems, rapidly build prototypes, get stakeholder buy-in and build minimum viable products. Clients can also gain access to our extended innovation ecosystem consisting of over 2,700 start-up partners, and more than 80 academic partners at these centers. You can see the outcome of these investments at the bottom of the screen. As of March 31, we had filed for 7,305 patents of which 2,878 have been granted. For 30 of our clients, we have set up Agile Innovation Clouds, which are location independent teams of innovators who help speed up and scale up their innovation programs. Now let's move on to our workforce. We closed the year with a head count of 614,795 associates. That's a net addition of 22,600 over the last year. The industry-wide spike in employee churn started settling down in FY '23 after we expanded the talent pool by bringing on board an unprecedented number of fresh engineers for the last 2 years. Attrition in IT services on an LTM basis is still high at 20.1%, but as we exited the fiscal year, the quarterly annualized figure has fallen significantly from the peak figure in September. Over the years, we have been steadily localizing our workforce, bringing on board local talent in each of our major markets. Our workforce today is a highly diverse one with 150 nationalities represented and with over 220,000 women. Importantly, our focused leadership development programs are helping increase the number of women in senior management. Over the years, that number has grown to 60% -- by 60%. Women make up a significant proportion of our innovator as well as contextual master communities. And in terms of talent development, investment in organic talent development has been at the core of how we successfully navigated technology change and participated fully in the opportunities that opened up by new technologies. We have fostered a culture of lifelong learning and link learning to career growth. That is how we have been able to achieve these big numbers. TCSers are proactively investing in deepening their expertise and picking up new competencies, qualifying them to better assignment and faster career growth. Cumulatively, they logged 48.3 million learning hours in FY '23 and acquired 6 million new competencies. 500,000 TCSers have been trained on digital technology, and over 110,000 of them are certified on hyperscaler cloud technologies, making us a top 1 or 2 partners to the top 3 cloud providers. We also have been investing in the mid-level cohort to help them gain new market relevant skills and accelerate their career growth. We have made very good progress with 90% participation rate from the cohort and 60% of them getting certified on new technologies. A big driver of employee interest in upskilling and cross-skilling has been the TCS Elevate program which links learning to a career growth. Over 400,000 employees have participated in this program, and 22,000 TCSers have been identified as high talent, qualifying for higher pay. These industry-leading outcomes have made our talent development program a benchmark and the recipient of many global awards, a few of which are listed here. But we've also been focused on giving back to society. As a purpose-led organization, we continue to invest in helping communities across the world in areas of development, bridging of digital divides and STEM education. All these programs have scaled up very nicely in recent years. Our adult literacy program benefited 1.1 million learners in FY '23. Similarly, for each of our key programs, you can see the number of beneficiaries. Altogether, we estimate that our community outreach programs have benefited over 4.5 million people across the world. Besides the financial contributions we make to the TCS Foundation, we have a large number of TCSers stepping forward and volunteering their time and effort for local community initiatives. In FY '23, TCSers contributed over 2.8 million volunteering hours, making a huge difference to their local communities. And talk about the sustainability journey, on the environmental trend, we are making very progress in our journey to be a net-zero emitter of greenhouse gases. You might recall that we had set an intermediate goal of reducing our Scope 1 and 2 emissions by 70% by 2025. This is the base year 2016. I'm very happy to inform you that we surpassed this target in FY '23, 2 years ahead of schedule, bringing down our absolute Scope 1 and 2 emissions by 71%. This has been made possible by reducing consumption and increasing our use of renewable energy. If you look at the last 7 years, we have more than doubled our business in revenue terms and grown our head count by 75%. Despite such strong growth, we have been able to reduce our absolute energy consumption by 29% during that period through a variety of initiatives. We have increased our use of renewable energy 12x during this period, amounting to a 55% of the total energy consumed in FY '23. In addition to mitigating our own carbon footprint, we are also helping clients manage theirs. We continue to see strong traction for our sustainability offerings across multiple industries, led by BFSI, Retail, CPG and Manufacturing. One such story are the work we are doing to help Eversource Energy grow its clean energy business is described in our annual report, which you can read at leisure. Now moving on to our brand building, during the year, we organized multiple in-person marketing events. The return of in-person customer forum was greeted with much enthusiasm by clients, and we saw a strong turnout at our customer summits and other events. Our capabilities and market success continue to get strong endorsement from various research firms in their competitive assessments. In FY '23, TCS 126 leader rankings in such assessments. The strong goodwill we enjoy across our stakeholder renewals with clients, employees, investors and with communities across the world has resulted in a strong brand positioning. TCS was ranked among the top 2 most valuable IT services brand by Brand Finance. TCS was the only Indian brand to feature in the top 50 in Kantar BrandZ most valuable global brands, and named among the top 10 fastest-growing brands. Some of the other awards we won during -- are on display here. With that, I conclude my presentation and over to you, Chairman. Thank you.

Now I would like to turn to the speaker shareholders. Let us start with Mr. Arun Kumar Boppana.

Hello? I can't hear you.

We can hear you.

Today, the focus is on market cap and not valuable businesses sir, but TCS is built on to be a valuable business. Even when we went for a public issue in 2004, -- when the stock market was at peak, I think some of we postponed. And when questioned Ratan Tata said, I'm glad [indiscernible] did not go for a public issue when the market was high because all would have lost money, who else but Tatas will say that and be humble. Sir I sent all questions to Pradeep and Pradeep has answered all the questions. It would be not appropriate to repeat them. But I do not want to be jobless at this AGM. At 73, I will take some liberty with you. So I have picked up, added two more questions. I'd like to see the smile and twinkle in your eyes that this is your parent company, we are there to support you. Sir, how dangerous is AI and what are the remedy measures? Technology definitely made our life easier. Now children want to make money trading in cryptocurrencies, is this a new fad and how dangerous is this? Closing on a lighter note Chairman sir, your smile is a curved line that is straightening a lot of things in the group, compliments for that. In conclusion, TCS has tremendous opportunity to capture, to develop, to deliver, to destine us and to delight us with good results I wish you all the best. Thank you so much.

Manoj Kumar Gupta?

Yes. Good afternoon, respected Chairman, Board of Directors, fellow shareholders. My name is Manoj Kumar Gupta. I've joined this meeting from my residence Kolkata. [Foreign Language] All credit goes to you whatever today is TCS. And being a shareholder, we feel proud on your leadership. I think that you should also feel proud that you are chairing the company where you have started the journey of your life. And I warm welcome our new MD and CEO with the hope that he will also help you to take the company to new heights under your guidance and supervision in future. Sir, I thank to the company secretary and his team to help us join this meeting through VC. Sir, dividend is INR 115, excellent dividend of INR 115 on the [indiscernible] of INR 1 share. And sir, today, your market cap is near approximately INR 1,175,000 crores, when the market cap will be doubled? What's your plan to increase the liquidity in the market and market cap should be double. I will not suggest to you that we issue the bonus share in the ratio of 1 is to 1 because you have issued bonus in the issue of 1 is to 1 in April 2018, so 5 years back. On the time has come to reward again to the shareholders. Now you consider in the ratio of 1 is 2, [Foreign Language] so our market cap can touch INR 2,000,000 crore, if we will consider the bonus. And sir, CSR, you are doing a wonderful job for the community and society. I will not say a single word on the CSR for the Tata company, think about to -- in this region also to start some CSR job to help the community and the society in this part also. And sir, have you any plans to open the Campus in Northeast? Northeast is also growing fast, after become the NDA government the Assam -- Tripura the states are moving fast. So have you any plans to start? And sir, some days back, there was a media report that [Foreign Language] So how many people have resigned? [Foreign Language] And sir, have you any plan to get more government job [indiscernible] like passport. You can tie up with the IRCTC or CBSE and ICSE. And sir, education learning center for students from class 6 to 10 or 12, you can open the education learning center for students in different parts of the country, to make the future of the country bright and talent because India has talent and the foreigners are using our talent to become the global leader in the world. So we can also use the talent of the country by using -- opening some education learning center under the umbrella of TCS. And sir, reward -- future plan, what's your future plan? And last but least, I thanks to you. And sir, I believe that you will think my view to reward the investors and increase the market capitalization by rewarding the shareholder. Thank you, sir.

Santosh Kumar Saraf.

My name is Santosh Kumar Saraf. I is speaking from Kolkata. Sir, my thanks for -- to give a good dividend of INR 115. It is more than -- yield -- a savings account, sir. Sir, my 2 or 3 questions, how many new clients added during the year, sir? And what type of new products launched during the year? And then, I want to know out of 334,825 male employees only 54 employee get paternity benefit. Why not all? [Foreign Language]

Mr. Dharav Jamadar.

Good evening and greetings of today to the respected Chairman and all the Board members. My name is Dr. Dharav Jamadar from Surat Gujarat. I would like to congratulate each and every stakeholder of my company on performing tremendously well. Outperforming each and every peers of the sector, and posting a robust and impeccable numbers both on Q-on-Q and Y-o-Y basis for the whole fiscal year. So like every year, it is an honor and a privilege to get an opportunity to have an insightful conversation with you on different aspects. Some of my questions, which I would like to -- I would request you to address. First one, apart from BFSI segment, which sector is our company is facing low demand and highly uncertain demand? What are the steps taken from your side to improvise the demand in that particular sector? Second, keeping in mind high inflationary scenario across all geographies, particularly U.S. there is low discretionary spending from retail and even from big clients. What is your opinion? By when can the demand environment flourish back? Third, what has been the major success factor of our company's success in the U.K. market, especially in the Q3 and Q4 of this fiscal year? Fourth what is your outlook on whether the pricing power will improve or diminish in the coming year compared to the previous year across all segments. Fifth, can you please explain how our Cognix platform is different from that of peers? What are its salient feature, and that shall give us a competitive edge. Sixth, can you please share what are the productive reasons behind increase in outsourcing of services in European region? Seventh, what steps has my company taken for the wellbeing of its employee in the last fiscal year? Thank you so much for this opportunity. I would like to welcome our new CEO, and wish him good luck. Thank you, sir.

Rachana Todi.

Good evening, Chairman, sir, and members of the Board. I'm Rachana Todi, member of Millennium Mams Kolkata and a proud shareholder of TCS. Sir, as we know, Germany already in recession, and Europe and U.S. are also slowing down. Sir, my question is as more than 50% of the company's revenue comes from U.S. and 30% from Europe, what impact will this have on the company in the current financial year?

Mr. Hiranand Kotwani.

Sir, am I audible?

Yes you're audible.

Yes, it's a great pleasure to join you respected Chairman. [Foreign Language] to all dignitaries attending this meeting. This gentleman has narrated well, so there is a little room to criticize and ask question. Certainly, Mr. Chairman. I will -- your opinion and your -- on talent development, how our organization is going to develop the talent of the organization. Statistically, the Tata I think remains the importance in the future of our employees, how we teach because everybody this time is teaching well, spiritual teaching and other teaching as well. You say [ when ] learning. How much cost involved in the learning of our organization is employees. My only concern is a huge HR, certainly the health issue, how you take care of the health of the TCS people at a global level, our cost involved in that. Nothing more to add. I will convey good wishes to our organization. Thank you, and good luck ahead.

Sheetal Shankar Bansal.

You can hear my voice sir?

I can hear you.

Respected Chairman and Board of Directors at first, thanks for company [indiscernible]. I want to know more about [ IA ], improvement in income this year. Also I have two [ TPs ] in the account one is mine, sir and one is my brother's name. My brother's name is [indiscernible]. And also given my questions, if you can reply as I am thankful to you.

Mr. Gautam Tiwari.

Sir can you listen to me sir?

I can listen to you.

And can you see me, also asking? My dear sir, very much honorable and our respectable, very popular Chairman Sir Chandra. Our Mr. OP Bhatt, also, I must say Keki Mistry also and our MD -- our new MD, CEO and all other eminent Board of Directors, team TCS, my fellow shareholders, myself Gautam Tiwari and I'm participating at this AGM from Mumbai. Dear sir, first, I have observed that our CSR team has really worked hard and has identified the areas and projects for very good CSR activities which are beneficial to the society and community at large. So congratulations to each and every member of our CSR team for their work. Sir, I thank you as usual for paying the very generous dividend of INR 115 per share. Thank you very much, sir. Obviously shareholders are very happy about it. Sir, I thank our Secretarial Department, IR and Accounts Department also for we're preparing very good annual report and sending notice in time to all shareholders, for their cordial and harmonious relationship and satisfying all issues and queries of shareholders always in all the time, precisely way. Sir, I warmly welcome our new CEO, MD. Of course, he's not only as a CEO, he's new otherwise, he's there in the company, Mr. Krithivasan, and I'm very sure he's expertise and influence will benefit the company in the years to come. Dear Sir, I support appointments and reappointments of all directors, and I also support all resolutions, which I already voted in advance to them. Sir, here, I would like to mention specifically that we are very much proud that our company is ranked #1 in customer satisfaction and number -- and in -- I mean very good in many other -- and winning many awards and recognitions sir and amongst top 5 -- top 15 rather globally and among top 8 also in our technical services. So many fields we are in the aggressive mode, and we are leading -- I'm very much proud of being you and you are -- under leadership -- under your superb leadership the company will progress hand in hand. So 2 things which I explained, our geopolitical condition and altering supply -- or they are altering supply chains because of global economy also. So which are unavoidable, but rest all what are the strategies that we are taking to afford the progress of our company. And sir, I express our deep condolence for our CFO, Ramki sudden demise and I really pray Almighty right from the depth of my heart for his peaceful rest -- for his rest -- he may rest in peace, sir. Sir, a few queries which I would like to ask you, sir. Sir, what is the attrition rate of our company during the year. Sir, secondly, how many -- do we have any physically challenged employees now in our company? Sir, and how many contract employees we do have in our company -- now all our company's employees. Sir, what are your current year's budget for CSR and R&D. Sir, -- and a very important thing, our company's strategy for protecting our clients from cybercrimes and providing them the cybersecurity. Sir, rest all is very fine and sir, as usual, we have our total trust -- confidence and faith in the management under your supreme leadership and I'm wishing the year, the years to come, you are going to give us -- you are going to reward shareholders in the best possible manner -- and we -- all shareholders are very happy being with TCS always and all the time. Thank you very much, sir. I wish you all the best and a bright future and a happy and prosperous healthy life all the way. Thank you very much, sir.

Tamal Kumar Majumder?

Good afternoon Chandra sir, our new CEO, Mr. Krithivasan; Mr. Mistry, Kumar and other directors of the company, nice to see all of you in good health and spirit. Myself, Tamal Kumar Majumder, I'm equity shareholder from Kolkata. But I think in the meeting from Mumbai. My special thanks to our company secretary, Mr. Gaitonde for sending me the annual report and the lead for the joining today's meeting. Mr. Rajesh Gopinathan steps down from the post of CEO, with effect from 31st May 2023. We all wish him good health and spirit in the coming years. And in this press, TCS veteran who is with the company for 34 long years, Mr. K Krithivasan to cover as the new CEO of the company, with the help and guidance from the Board chaired by Chandra, we all hope that we will be able to deliver our best and better results in the coming months. All the best to you, sir. Thank you, Mr. Chairman for sharing your thoughts with us and Mr. Krithivasan for his thoughtful presentation. Sir our company disclosed its position as index media reports and corruption in respect our employee equipment is concerned. As I'm old shareholder, I accept the company's view in this regard. It is to be noted here that the company immediately acted on the whistle-blower complaint and to prevent your measures silently long before its publication in the media. We have full faith on our distinguish Board under your leadership and I hope the company management -- if company management notice any loop holes in this regard, it should be corrected immediately. And please share your thoughts in this aspect in order to put rest future media stories, sir. Sir giving financial year '23 TCS declared excellent results and also announced a total dividend of INR 115 per share against the announced EPS of INR 106.88 with the payout of INR 42,079 crores for the shareholders under your leadership. So our heartfelt gratitude to you and your dedicated team, for such all-round success during financial year '23. I've come through the annual report as well as the report of subsidiaries for financial year '23 and have some queries relating to its audited accounts and other matters and I use as [indiscernible]. During the year, the growth came with an industry-leading operating margin of 24.1%. Our net margin was 18.7%, which was much higher than Infosys Limited at 16.4% in their financial year '23. For the full year growth -- for the full year, growth was late again by Retail & CPG, which grew by 22.1%. Last year, it grew by 20.6%, supported by Life Sciences & Healthcare by 20.2%, last year, it was 19.2% and Communications & Media by 18.1%, last year, it was 14%. Whereas the growth in Financial Services was lower at 14.6%, last year, it was 15.1% and Manufacturing entities grew by 14.1%, last year, it was 19.4%. So there is a decrease of more than 5% in this regard as manufacturing is concerned. What is the reason for abnormal decrease in growth of manufacturing and in related to -- in relation to financial year '22. Would you please share your thoughts in this regard, sir. How these verticals are doing in the current quarter and your expectation for financing year '24. And what is the share our Digital segment, as we get total revenue is concerned. And your target for financial year '24, digital revenue, sir. Sir, Page 94 mentioned if the delayed decision-making and cash conservations seen in some segments at the end of financial year '23, close over into first half of 2024, that would result in some moderation in the full year revenue growth after 2 years of strong growth. And on the other hand, our CFO, Mr. Samir Seksaria mentioned in Page 32, he mentioned that with the supply side challenges incremental cost of hiring should be lower, and it gives us an opportunity to bring down subcontractor expenses. That is one margin lever for financial year '24. We will please share your view in the respect of a proposed financial results for financial year '24. In the light of company's orders book positioned at USD 34.1 billion. And order's implied as of 31st March 2023 and margin lever for Financial year '24, as mentioned by our CFO. Sir, Page 92 to 94, show that our margin in respect of all segments, except others decreased in during financial year '23 in relation to financial year '22. If you look at business and financial services -- Banking and Financial Services, it decreased by 26.9% to 25.9%. Communications & Media, et cetera, from 29.9% to 28.3%. The Retail and Consumer from 27.8% to 25.7%. Life Science from 30% to 28%, Manufacturing from 30.1% to 27.5%. And others, only in case of others, it increased from 20.6% to 21.1%. [indiscernible] share which are reason for the decrease in margin and our expectation for financial year '24. In this connection, I want to mention here that our competitor Infosys is lagging behind from us in all segments except Retail. Where we booked a margin of 30.1% against 25.7%. So there is a gap of nearly 5 -- more than 4% as regard the Retail is concerned with Infosys. In case of Communication, Manufacturing and Life Sciences segment, margins are concerned, our company is much better position than Infosys with their producing effects. Sir, during financial year '23 average currency exchange rate for 3 major currencies against rupee were: U.S. dollar INR 80.74, Great Britain Pound was INR 96.98 and EUR was INR 84.01. The rupee slide further against all the 3 major currency during the current year. And yesterday, the rate for U.S. dollar was INR 82.05, Great Britain Pound was INR 103.69 and EUR was INR 89.67. In this scenario, we expect more profits for our company during Q1 of financial year '24 because the rupee is sliding against all these currencies. And for the whole year, would share your thoughts in this regard, sir. Sir, increase in attrition rate from 17.4% to 20.1% during financial year '23 is case of concern. And our Chief Human Resource Officer, Mr. Milind Lakkad said in Page 33, that the high attrition among women in 2023 is a setback for on our efforts to promote gender diversity. Would you please share your thoughts in this regard, sir? And Sir, it is noted from Page 107 that after decreasing number of days sales outstanding in rupee from 81 days in financial year '14 to days 65 in financial year '22. But during financial year '23 it increase to 67 days, financial year '22 it was 65 days but it came to 67 days during the current year. What is the reason for such increase? And what was the financial impact during the year -- financial year '23 on our accounts. And what is your thought in this regard for financing year '24. Sir, it is nice to note from Page 79, that the company increased its R&D expenses on stand-alone and consolidated during financial year '23 and consolidated; expenses was INR 2,500 crores, but higher sales, the percentage decreased by 0.1% in relation to financial year '23. In this era of competition and increased dependence on artificial intelligence, I strongly believe that company must increase its expenditure in this regard, substantially at least up to 2%, 3% to remain the frontrunner in the coming months. Please share your thoughts in this regard sir. Sir, it is noted from Page 211 that the company has written up INR 253 crores and also provided INR 126 crores and U.S.A contributed 43.65% of credit risk during financial year '23. What was the reason for such written up? And how much it relates to U.S.A. What steps the company has taken to decrease the [indiscernible]. Sir, by geographic markets, North America grew by 24.2%, followed by U.K. at 11.4% and Continental Europe by 9.2%. And India grew by 14.9% during financial year '23. Whether you notice any change in the geographic markets taking into geopolitical situation. Because you mentioned in your...

Tamal, there are lots of questions. I'll answer all of them, but I think you should be here to your closure now.

Sir, only 2 questions. And so, as we get tax contingencies of INR 318 crores as of 31March 2023 is concerned, present status is to be redisclosed. Whether the company receive any amount till date from the seller of TCS e-Serve in this respect due to indemnification from sellers. Sir another is TCS Foundation, sir. We see Foundation showed 0 donation during financial year '23 against last year figure of INR 979.87 crores. This year instead of donation the foundation showed under other labilities INR 543.45 crores as we're not fund received from holding company and other subsidiary, what this is for change of accounting in this class, and sir, the foundation also showed for the first time, a tax provision of INR 61.13 crores during financial year '23. For the first time compare the foundation provided the tax formation, why foundation make the provision for tax. Would you share your thoughts in the sector or all the changes in TCS Foundation during financial year '23. And it is to be mentioned here sir, that TCS used to share audited accounts of TCS Foundation with its shareholders. While we proceed as we were only shared 35-page covered booklet without any audited accounts of [ Infosys ] Foundation with each shareholder. Thank you Chandra for giving me a chance to complete my notes and my questionnaire and also to other for patience here.

Arti Tekriwal?

A very good evening, respected Chairman, sir, and to the Board of Directors. This is Arti Tekriwal from Jakarta, Indonesia. Besides being a proud shareholder of TCS , I'm a proud member of Millennium Mams. Sir, first, on behalf of Millennium Mams, I would like to pay my tribute to Mr. Gopinath for his great contribution to the company. I wish him all the very best in his future endeavors and also reach the new MDs the very best in his new role. Sir, although the attrition rate of TCS is not alarming, but the way digital India is growing, there may be a shortage of employees soon. Recently, Millennium Mams visited the GIFT City at Ahmedabad and I'm tempted to request you to think of a TCS City which may solve the problem of accretion in the long run because money cannot be the only attractive factor for employees. This is only a suggestion, sir. Also, sir, is there any plan to start operations in the GIFT City where all the facilities are available. On a lighter note, sir, we wanted to meet you in person at the AGM. Please do consider our request. Thank you.

Aspi Bhesania?

Sir at the outset, I congratulate the management on excellent results and nothing to say. But one thing is that why no physical meeting. As my predecessor also asked. Sir, next year, even if the MCA extends the day, please ensure that there is a physical AGM for the entire Tata Group. Sir, Mr. Rajesh Gopinathan answers letter to the shareholders saying I'm confident that TCS best years are ahead, and I look forward to watching from -- watching the company's continued success from outside. So why outside, why not inside? He is leaving us at the wrong time. That at same welcome Mr. Krithivasan, as CEO, and I hope he not only follow the steps of its predecessor, but also improves. Sir Page 55 of the annual report, list of subsidiaries, associates are given, please arrange them alphabetically, so that it's easy to locate. So what is our relationship with Tejas Networks? Sir thanks for increasing the dividend from INR 43 to INR 115 per share. However, I would prefer a buyback since it is tax effective. Sir what are you doing about cybersecurity, what regularly we hear of cybersecurity lapses. Sir Page 107, employee cost to total revenue has been steadily increasing year after year. So what your comments on that. Sir, Page 131. During the year, INR 3.83 crore of unclaimed dividend was transferred to IEPF. Further 50,232 shares were also transferred. I request the Company Secretary and share department to please try to locate the shareholders and give them the dividend and the shares rather than simply sending reminders. Is there any way I can find out if any unclaimed dividend is there of mine before it goes to IEPF. Sir thank you very much, and all the best. And I request it to follow Asian Paints. They had a meeting and they had a Whatsapp group, where they used to write the names of the shareholders who are to speak next, so it's easy for us to locate rather than waiting right from beginning till the end. And also when the Chairman speaks started they send the message saying, now Chairman's speech is starting replying. So we know we don't have to wait for the whole meeting. Sir thank you very much, and all the best for the future.

Thank you. Shailesh Mahadevia?

Respected Chairman, distinguished directors and members of the company. Sir, congratulations for achieving not only excellent but also exceptional result during the year, well reproduced in the annual report it is mostly exhaustive. Sir, you have also given details in BRSR, et cetera, which are sufficient for the shareholders to understand and appreciate the working of the company. Sir, now I wish to put appreciate 2 more things in our report. Sir, the glossary of 9 pages which has been given in the report is extremely useful, particularly people like us who are only investors but not technically experts. Sir, I would also like to appreciate and congratulate you for the Eisenhower Global Leadership Award. And what is important is the citation given one of the most purpose-driven and influential leaders of our time. Sir, we are experiencing them and we are benefiting from your services to our group. And I'm sure, sir, you will continue to do so in the times to come. Sir, I would also like to appreciate the services of Rajesh Gopinathan and wish him well in the future endeavors. And I welcome Shri Krithivasan as our new CEO and Managing Director, and I'm sure he will take the company further at a faster speed. Sir, now I wish to put some questions with a view to increase my understanding. Sir, my first question is that the world GDP is likely to be as low as less than 3%. And therefore, the money spent on IT is likely to go down. Sir, what I would like to know is that which of verticals are not affected and which of our verticals are affected the most as a result of this reshuffling of investment. Sir, my next question that the company is always willing to help the clients, to invest and also to train. However, very often, we find that the companies are not willing to come forward at the rate at which we like and therefore, that deal is the implementation of the whole team. Sir, in which we are likely to or we are already encouraging our clients to be on the line as fast as possible. Sir, my third question is the acquisition of Tejas Networks at a price of [ INR 15,000 crores ] during the year about, I think, 2 months ago. Sir, may I know in which way this acquisition will be helpful to us in the times to come? Well, I may put it the other way. In what way Tejas Networks will benefit by associating with us. As it is already an independent and listed company, which is likely to benefit considerably. Sir, my next question is that what is the economic value added of our company and what rate of interest we have taken into account on reserves and capital of the company. Sir, my fifth question is that today's meeting, how many participants are there and from how many countries they are participating. I believe that large number, not only from India, but from abroad are likely to be participating. And that leads me to my question and suggestion that virtual meeting should be continued in the times to come. It will give benefit to shareholders around the world to participate and a person like me who is more than 84 plus, even if the meeting is in Mumbai, I may not be able to join. Sir, this is my suggestion regarding the meetings. And my last question is that 5G and maybe shortly 6G technology is also likely to continue. Sir, what I'm surprised is that even today, to some extent, 2G continues. 4G is not even adopted by all in every aspect. And in that process, 5G and 6G are likely to be introduced. Sir, can you explain how this whole thing works or likely to work in the times to come. Sir, with this, I wish our organization every success, which is, of course, a way of life as far as TCS is concerned. My best wishes and Namaskar to all.

Thank you, sir. Krishma Bijen Shah?

Good afternoon, sir, respected Chairman and members of the Board. I'm Krishma Shah from Mumbai, a proud shareholder of the company and a member of Millennium Mams. Sir, my question is AI will be the biggest disruption of the decade. How will TCS be affected both positively and negatively. Can you please elaborate?

Praful Chavda?

[Foreign Language]

Celestine Mascarenhas?

Respected Chairman, Mr. N Chandrasekaran, CEO and MD, K Krithivasan. Welcome to our -- as a CEO and very good presentation all the insight are given other Board members, my fellow shareholders, I am Mrs. Mascarenhas speaking from Mumbai. So I thank the company's secretary, for giving -- for registering me as a speaker, and sending me the annual report. Thank you so much. Our annual report is very good and stay informative. And with adhering to all norms of corporate governance. We got a very good dividend of INR 15 (sic) [ INR 115 ] per share rupee -- it's very good and also a buyback and very good market capitalization. I congratulate you all for the awards and accolades that are all documented in the annual report. Also, very good CSR work, Tata's are known for that book. Now my query is we have got -- now ESG has given more and more important. Now my query is have we gone for the rating? And if rating, who is the agency and what is our rating score and whether it is listed on any ESG platform. The same question Infosys -- saw -- it is -- late -- so when the rating, plus it is listed on the ESG platform in some New York and various other places. So my second question is, are all employees now working from home or days in a week in the office, I feel home will be better because traveling has become a lot of hassle. Now third one is what is the rate -- yes, rate of attrition you have given 28.1%. How do you control this attrition rate? And actually, I would like to know what is the attrition rate in our research and R&D section. And what is the company, which country in the world, we get the highest attrition would just give me an insight in this point. Now how many customers are added in the last 3 months? And how much margin we get on an average, has the margin followed? Give your comments on AI, machine learning and other modes making services customers delight. I would endorse the view of Mr. Praful Chavda who said that I -- you give it as a preferential like Tata Technology will be coming shortly. So see that the existing holders are also made a part at whatever it comes. Future roadmap for the next 3 years, where do we see our TCS as a company in the Tata conglomerate. I support all the -- I will -- what do you say, thank you for hearing me with this patience here. Thank you once again.

Homayun Pouredehi?

Thank you very much. Sir, it is such a nostalgia we have been attending this TCS meeting right from the very beginning. We have seen it go in front of our eyes. Of course, a delight to meet Mr. O P Bhatt, Mr. Keki Mistry. Oh My God, and remember those days, I'm a senior citizen by the way. So naturally a very long association. So sir, I want to just know certain things. Sir are we into banks also that Infosys we know is into banks. Are we into banks then sir, you should do a lot to improve the digital services of our bank. I don't want to -- anybody so many hardships and tensions we face. But just one thing I want to give an example I've taken my card and gone to Bombay Hospital for very urgent admission of my sister-in-law for blood fungus, my card was not accepted? Finally, we use my sister-in-law's card. Afterwards, I got a call from my bank. Madam is that you? Can you answer this question? I said what nonsense is this. Why did you not accept my card, they wanted to be sure whether it was me. It was my card, I was holding my card. Sir, how you tackle these issues? I said, please, next time do not dishonor my card. It was very urgent, admission for blood fungus and we had to get admission very fast. So how do you tackle these issues? Please do research. Please make it sure that the banks do not reject the card on the ground that they want to be sure that we are holding the card and all that. And there are many other issues I went for Gpay payment. It said my bank, it just connected that the Gpay has problems, I don't know technical issues, server down, now that thank God I have cash with me. Sir, please keep that all in mind, cybercrime, cyber-attacks, all these issues pertaining to ordinary common people like me every day and plus I'm scared about the mobile banking. We're even now scared of a mobile than over jewelry. If I...

Can you focus on the company?

Yes. Sir now one more thing I wanted to ask you is, you mentioned that Ukraine war and Russia war has affected a company. Sir, did we have offices in Ukraine and Russia? Please let us know. Of course, all is it generally because companies were affected so we were affected, we want you know that. Sir, third, please, if you can take up this issue. Yes, your dividend has been very good. We have -- what sort of taxes we have to pay are very high. Sir, can you not influence and tell the government to go back to the former rule. The formal rule was deduction of tax saved by the company from the company itself. So we are safe, we get confused. We received our dividend, but it is tedious, sir, we don't know how to go about it. So please use your influence in letting the government know that go to the former rule of deduction of tax before distribution to the shareholders. Sir, and by more thing you have mentioned 36% labor -- ladies workforce, sir, I think it is very rare company is appointing such a high number of ladies in their workforce. We are proud of TCS. And you have mentioned TCS is the fastest there. Faster is doing brand. Why not number one? We should target for that. Sir, we heard your speech in detail. We heard your MD speech in detail. And sir, I'm closing here itself. I wish a company all the best, we have been rewarded by TCS. You all have been so sincere in being with TCS. You all have worked so hard. Mr. Shekhar, you were first. TCS will remember you as the Chairman of TCS and even now. So we a company all the best and also you all members having wisdom to make our company progress more and more.

Thank you. Sunil Agarwal.

Mr. Chairman, Krithivasan sir, Chandra Sekhar sir, Aarthi Subramanian madam, Ganapathy Subramaniam Natarajan sir, Samir Seksaria, Pradeep Manohar, company secretary, now all the other non-executive sir, wonderful. [Foreign Language] Please support all the institutes of NIT sir, NIT technology, NIT institutes of -- Indian NIT, sir. [Foreign Language].

[ Lekha Shah ].

Can you hear me sir?

Yes, ma'am. I can you hear you.

Respected Chairman sir, Board of Directors and my fellow members, good evening to all of you. Myself [ Lekha Shah ] from Mumbai. First of all, I'm very much thankful to our company executive entity for sending the AGM notice billing time which is full of knowledge, facts and figures in place. Chairman sir, I would thank to all the person of company for receiving awards and recognition by our plan during the year, '22 and '23. And also I'm glad the company is doing very well in the field of CSR activities. Thanks for the wonderful dividend, sir. Sir I hope the company will continue with the conference meeting in future. I've had many questions to ask you. but they are all covered with the previous focus, but there is 2 questions. My first question is how many employees still work from home and the percentage of women employees. My second question is what is our company order and the new customers additions? Sir, I strongly support all the registrations for today's meeting and my best wishes for our company and its prosperity.

[ Om Prakash Kejriwal ].

Am I audible?

Yes, sir.

Myself [ Om Prakash Kejriwal ], a proud shareholder of your company from Kolkata. Thank you, sir, for providing with a platform to speak something before you, thanks to our second real department for helping me in speaker shareholder. Sir, this is my first AGM only due to virtual. Though I am your very old shareholder. It is just an opportunity for me to join this meeting sitting in Kolkata [Foreign Language]. People are joining this meeting from U.S., Jakarta and Denmark. So sir, if possible, please follow this virtualism in future also. Sir, wow, what a performance, mind blowing performance. [Foreign Language] Our EPS is INR 107, our face value worth INR 1 on external basis, and dividend is INR 115, means 107% distribution of net profit. Wow, what a distribution, many, many thanks for such type of distribution. Beauty of our company. Our total income is increasing every year. Our net profit is increasing every year. Our EPS is increasing every year, and our dividend is increasing every year. And equity is decreasing every year. [Foreign Language] I have no complaint regarding your performance. I support all your jurisdictions. Sir, I have 2 queries in my mind, is can a recruitment department, sometimes back, I came to know from media, sir, we are Tata brand, and this brand had its own goodwill of more than 100 years all over the world. What you people have deployed, so that such type of scam will not be repeated in future. Second, artificial intelligence, AI, sometimes back, we were hearing cloud technology and now AI technology. What is this technology, sir? And how it will affect in our employment generations? And how it will affect our human behaviors? Sir, sometimes back, I was reading a news article in which the inventor of this AI was regretting for its invention, and he left his job. Chandra sir, you are a permanent leader in corporate world. What do you think regarding this AI? Because every invention should be betterment of human beings, as I think. [Foreign Language] If possible, please my physical copy. At last, sir please maintain your smile and be cheerful because [Foreign Language].

Thank you. [ Gaurav Rajatkar ].

Chairman, Mr. and Chandra Sekhar, new CEO and MD, K. Krithivasan sir, Independent Directors, directors, Board of members, shareholders and all my mentors. I wish all the very best for the health of everybody. My name is [ Gaurav Lilat Rajatkar ]. Today, I'm joining this meeting from Berlin, Germany. And my question for the company is that how does TCS differentiate itself from the competitors in its industry? And second question is how does company see in future to initiate and develop the rural part of the country? I might be wrong, but I think that opening campuses in the underdeveloped areas in the country might help. And my third and most important question will be that how do we think that the innovation and artificial interactions taking place in the world, what challenges will company see for future generation and the future employees, which we expect. Last but not least, I wish all the very best for the company with all the way best sir, overall performance, lovely performance by the company.

[ Arvin Wiker ].

[ Arvin Wiker ] here, calling from Ahmedabad. First of all, I must congratulate the entire Board of Directors for showing an excellent result, also for getting various awards and recognition. Here, I personally feel that our OPM, I have seen in financial year 2023, OPM both in consolidated as well as stand-alone has gone down by 2%. That is 28% to 26% and 29% to 27%. My question is that company has shown the everywhere extraordinary performance in terms of profit, growth, reserves, dividend, everything is so nice. Why are we going down in OPM percentage? For financial year 2024, what OPM percentage do you envisage based on the orders in hand or even otherwise considering the future? Second point I wanted to ask you that, especially a couple of people have are these also, BFSI, like banking and financial services, especially the banking problem in Europe and America, do you think that your business in this sector will drop or affect overall profitability of the company? I want you should kindly elaborate on this. I have passed -- I have given consent to all the resolution, and I'm a proud shareholder of TCS. And I wanted to, in fact, wish all the best to our new CEO and MD K. Krithivasan.

Thank you. [ Pritish Brahamat ].

[ Pritish Brahamat ] has not join the meeting, sir.

Suman Agarwal.

Sir, I'm Suman Agarwal, joining from Kolkata. I'm a member of Millennium Mams and a proud shareholder of the company. Sir, my question is Mr. Gopinath in the annual report FY '22, had mentioned that it is only a matter of time before we hit the revenue of $50 billion and double our revenues. Sir, by when do we expect this to happen?

Manjit Singh.

Majit Singh has not joined the meeting sir, neither has [ Dipti Ranjan Pai ].

[ Sarat Kumar Shah ].

We could move on to the next speaker, sir.

[ Atanu Saha ].

Am I audible, sir?

Yes, yes.

Sir, I [ Atanu Saha ], a shareholder of TCS Limited. my respected Chairman and Board of Directors and all independent directors and all viewers and all receptive personalities and all shareholders present in this virtual meeting sir. Sir, today, it's 29th June 2023. It's 28th AGM sir. My prior shareholders from Arunkumar Bopana to Manuj Gupta to [indiscernible] . Sir, right now, so it's not necessary to repeat for many questions at right now. So I do one thing sir, just one important question just for me. This is that what is the temporary and permanent workers right now? And how many handicap work person working right now? And that is general already one body has asked, how many start-up partners are working with our company? And how many would be in near future sir? I already casted my vote. And a good year ahead with good dividend and bonus issue sir, if possible. And I [ Atanu ], now I hand over to our moderator.

[ Abhinav Jain ].

[ Abhinav Jain ] has not joined the meeting sir.

[ Ashok Subramanian ].

Am I audible?

Yes, sir. Yes, yes, you are audible, sir.

I would like to put on record my congratulations and appreciation for the stellar performance and also, I would put -- like to put on record the recognition of our Chairman has received as one of the most purpose-driven and influential leader of the overtime which goes to say so that from the seller of comps. And I also thank the secretary department for making a personal call to me and asking me to join this AGM. So that gave me a little -- this thing. So I thought I like to do justice. So I had to spend some 3, 4 hours to go through the audit to give a meaningful points on that company. First of all, I like on record and appreciate the annual report teams, the punching teams year after year, which is excellent. Please keep it up. And I have gone through in depth about the letter from Chairman as in the annual report. So I need some insight into it on the generative AI apart of it. So then further, i have three suggestions to put forward maybe three businesses which TCS can look at. One, why not one digital solution for Indian homes. Covering mobile network, Internet, cloud storage, online computing tools, maybe e-classroom facilities and then video conferencing facilities and, of course, with Tata Sky. The second suggestion will be that looking at your TCS partnership with Eversource Energy, A thought came to my mind is that why not Tata Power and TCS together, look at setting up and purchasing Solar power from residential houses of the Indian [ Malls ]. Okay. So especially, again, one thing I would like to put on record here is that the company assets should make use of the biggest brand ambassadors of the company, that is a 2,499,379 individual shareholders for all these purposes. So they, I think they will be supporting me with all investments. Now the next field, which I would like you to put is that one area in which TCS or for example, none of the Tata companies have put their feet on it is the oil and gas partnership. So that currently, India is operating around 43,000 kilometers of pipeline network. And looking at the Colonial pipeline attack and all those things, we need an integrated solutions for managing this mammoth network of pipelines, and which are growing in a rapid manner. So there are a lot of digitalization solutions scope possible for it. And as you know, the challenge the world faces the customer doesn't know what they want and they go for available solutions and they struggle to work within that. So probably you can look at people like us to help you out in this angle. I think this will be one aspect in which TCS should look at it. Secondly, which I came across is that use of physical infrastructure of the organization may be especially TCS to optimum use by clubbing with other properties or other company offices in the same premises. I'm quoting this with an evidence of what I saw here TCS properties in -- in Indore, close to the airport. Then next is that ergonomic awareness can you have created an ergonomic awareness. That was only the point which I could see in terms of voyages in the annual report. So why not the ergonomic awareness and the aspects which you have communicated to your employees be transferred to the 25 lakh shareholders. In, in turn will benefit 100 lakh Indians, which will not -- it will be a bigger CSR at no cost. Okay. And it will also develop healthy Indians. And now that everybody is exposed to this virtual work. Then the last [ bit ] is that the country is running short of independent directors. And why not we utilize the young retired professionals or people who are likely to retire soon like me and develop them as independent directors who has been the expertise in the different fields. And while probably the Tata's can think about it on take it as forward. Then finally, I would like to meet a request, I would like to meet the Chairman and the Managing Director in person in his office as a shareholder, as a well-wisher of the group more so as a believer in [indiscernible].

Thank you, sir. Sumeet Jain?

First of all, thank you for sending the physical copy of this annual report. Sir, I have just only one question that our company's EPS for the current financial year FY '23 is around INR 115 -- and also the dividend per share is INR 115. So it is good as a shareholder, that so much dividend the company is paying. But the issues that which I am concerning about that, if the company is not retaining the per share amount from this EPS. So how. The company will go into fund its future prospects -- future work prospects. So are the company expecting the future slowdown in the near future? Yes.

Deep Janak?

Good afternoon, sir. Mr. Chandra Sekaran, and other directors, I am Deep Janak from Mumbai. I thank Company Secretary for registering me as a speaker. I welcome Mr. K. Krithivasan as the new CFO, may your great talent, skill and experience help our company to grow sustainably during your tenure. I also thank Mr. Rajesh Gopinathan for his excellent service provided to the company, and I wish him all the success for the future. Best of luck for your new endeavors. Post resignation, is he going to be connected or continuing any Tata Group companies would like to know? Then firstly, like to touch upon the story on Tata Consultancy Services hit by recruitment scandal. I understand we don't have been -- we have not been impacted financially. But socially TCS India's biggest IT company, hit by bribes for job scandal will have a little impact. Was this issue highlighted by any other employee earlier? Have we taken any legal action against the people involved other than suspending them. This is very important sir. So that no other one -- other employee things of repeating this kind of fraud. And we should have a robust safeguards to prevent corruptions. How many other whistle blower complaints are there, which can have a monetary impact? Then what impact will that ChatGPT have on our company, will it improve our productivity and faster completion of projects and how much benefit in percentage term it may achieve on the margins? Also, long-term impact you see on recruitment or hiring of new impact because of ChatGPT. Thirdly, in all the industry verticals, we have delivered good growth ranging from 14% to 22%. But have seen some impact on margins by 1% or 2%. Any specific cost has escalated and is this that onetime effect -- impact? I wanted to know that top contribution from -- sorry I wanted to know the contribution from our top 5, 10 and 50 clients. And lastly, I understand that conducting AGM via audio conference is helpful for other shareholders outside Bombay. So request the Board to consider doing a hybrid meeting that involves mixture of in-person and remote attendees. Thank you for patiently listening to my queries.

Jasmeet Singh?

Thank you. Good evening to Chair, Directors or shareholders. Thank you for letting me to interact with you today. I will request the secretary department to provide me a video [couple] of my interaction, including the answers given by the Chairman on my concern. So within my note, I'm happy to not get another year of all around growth. That is increased in top line revenue, bottom line profits, margins, dividend payouts. My couple of questions have already been answered. So, I have a couple of observations respect. First, INR 115 dividend paid last year is more than welcome everyone, individual or corporate who have received this dividend have said very extremely happy. This distribution of profits in proportion to their holding was absolutely just, I raised this point during last annual body meet, requesting that distribution, distributing profits by way of paying dividend is the only fair way contrastingly, the buyback of shares, which helped only a very small group of shareholders that too who have very small, pretty small number of shares. I heard your reply where it was said that the buyback of shares was found by our company to be better. Ironically, in another AGM of SBFC Bank held the last year, which is a financial institute of equal repute and stature to TCS, their CFO, categorically replied to another shareholder that distributing profits by way of dividend is more tax efficient over share buyback. I request our company to take this on record and in this regard, I propose a resolution for any distribution of profits in future shall only be done by way of paying dividend and never by payout buyback. Second point, apart from dividend, I also want to bring out to the prior notice that following the guidance of CB on physical holding of shares I submitted my request for a [ patient ] of my KYC nomination, et cetera, to the company or TA, a few months back. But strangely, I have still not received the confirmation or all [indiscernible] of my records. By one sure, if a strict instruction was going to the RTA to adjourn this by our company. A small negative point, Sir. The news have recently come in, in the media that Tata subsidiary company, Tata Technologies is coming out with an IPO, May I request the company to keep a quota for us shareholders so that we can get shares allotment with in this cycle. Thank you, Pradeep and his teammate Krishna doing wonderful, keeping high level of corporate government. I humbly request them to pull out the shareholding of a post, 3, 4 shareholders who build this all going AGM have asked for buyback -- it will be an eye opener for us to know that if you need holdings that they have doesn't even deserve, what they are asking for. Before I sign off, I request the company to pay an increased dividend of not less than INR 125 this year. Thank you, everyone. Thank you, again. Bye-bye.

Parakashni Chinoy?

I'm Parakashni Ganesha Chinoy from Bombay. Respected honorable Chairman, other dignitaries from the board and my fellow shareholders, good evening to all of you. I received the annual report well in time, which is transparent, knowledgeable, colorful and contains all the informations as per the corporate governance. I thank the Company Secretary and his team for the same. I should not forget to thank them once again for phoning and reminding me of today's meeting, which I had already forgotten. And it is because of them I'm in a position to speak in today's meeting. Thank you, sir. The Chairman has given a wonderful picture regarding the thick and thin of the company in a very good way in his speech. Thank you, Chairman, sir. I'm thankful to the board for a commanding dividend for the financial year '22,'23. I'm also happy to note that the company has done outstanding work in the field of CSR activities during '22, '23. At the outset, I congratulate one and all for getting various awards during the year. This shows their hard work and sincerity. Sir, I have a few questions. My question number one is, the company has posted flat profit during last year, while the employee costs are on rise. Please explain the company's strategy to deal with the rising cost. Also provide revenue guidance for next 2 years. What is the impact of falling valuation of tech companies on the prospects of our company's business? My last question is how are we planning to increase revenue in future. Last but not the least, I wish the chairman to please continue with BC so that the people all over will have an opportunity to give their views and suggestions. I wish the company good look for a bright future and pray God that the profit of the company shall reach the peak in due post. So I strongly and wholeheartedly support all the resolutions put forth in today's meeting. Thank you, sir.

Gautam Nandi?

Am i audible sir?.

Yes, you are audible, sir.

Good evening, respective Chairman, Board of Directors and my online fellow shareholders. Myself Gautam Nandi of Kolkata, the city of Joy, very old liquidity shareholder of the company. Sir, firstly, I'd like to give thanks to your secretarial department for sending me annual report and other necessary relevant papers through e-mail with in advance. So especially thanks to our respected company secretory Mr. Pradeep and his whole team for rendering very good services to our minority shareholders. Sir, my earlier speakers already expressed their views regarding the accounts and performance of our company. So no reputation from my side as per your guideline. Sir, the performance of our company is excellent in this year in every segment, even in this challenging year. Sir, I am very happy. Sir, we are also very pleased to receive your fantastic dividend INR 115 per share. Thank you very much, sir. Sir, your CSR is remarkable. So please keep it up. Sir, I'd like to know what is your road map for the next 3 to 4 years? Sir, is there any plan for buyback of share in this year? Sir, one thing when I have registered myself as a speaker, I requested to send me a physical copy of annual report. But very sorry to say, I have not received the hard copy of annual report till the date. So, if possible, please send immediately. Sir, better late than never. Anyway, Sir, may we expect bonus share at rate of 1 is to -- 1 basis from your end in the near future. I'm very proud to be a shareholder of your company -- and I am very hopeful to have the [ prospect ] of our company. I have full trust with our strong management, sir, like you. And so I wholeheartedly and strongly support your all resolutions. which I have already casted through my e-voting. Sir, I'm very happy with your company. Nothing to Simon today. Looking forward, with [indiscernible] towards our company with higher profit margin and some dividend, What is to 1 bonus and return -- thank you -- thank you, [indiscernible]

Alka Karnani?

Good evening, respective Chairman, sir. I'm Alka Karnani, a proud shareholder of the company. I'm a member of Millennium Lance Kolkata Chapter. Sir, buyback is very positive for the company, but the promoter holding of reaching the threshold of 75%, how will you utilize the cash being generated by the company, sir? Thank you so much.

[indiscernible].

Sir, to all the board numbers and our new CEO, K. Krtithivasan. It's an honor to be here joining this AGM. And I've been an avid fan of you since last 15 years and I'm following you and looking forward to follow a path of your success. I have just a few questions to ask. So regarding your European business, how many European clients you have added in the recent past? And are you targeting any GTS clients or just the commercial ones? And how you are handling the GDPR related issues. And recent accreditations in U.K., does it help in delivery of services or product building like banks.

Thank you. Yousuf Rangwala?

Respected Chairman and my fellow shareholders [Foreign Language].

I can hear you. I can hear you.

I am very happy with our company's share department, especially Pradeep Manosh, who is a very excellent company secretary. We are very lucky to have excellence. [Foreign Language]. Dividend, very excellent -- no other company has given. Sir, direct point number one. Infosys, Wipro, and there are so many other companies which are same business, and we are very happy to -- we have the excellent work. Sir, our team is very excellent, sir. And we are very happy we have wonder woman, 36 workers. You mentioned 10,000 engineers, as you mentioned, in the Chairman [indiscernible], and sir, as you mentioned on the -- as you mentioned on Page 13, Tata Group Mr. Chandra is on [indiscernible]. This one is very, very happy, and I also thankful our company share department for giving me a chance and also call me, whether you receive the link or nor? This was how you caring for the shareholders. There are very less company, which can care for the shareholders. Chairman sir, how is your health, we are meeting every, sir. I'm very happy and I pray to God for your good health. And nothing more to add. Sir, many other parts, you do not arrange a visit at your Mumbai. And also I request [indiscernible] speaker to next year to please give a physical meeting. [Foreign Language]. Thank you very much, sir.

With that, we have come to the end of all the speaker shareholders. Now I would like to respond -- before I go into responding to each of the individual queries raised, there are two or three questions that have been broad, so I would like to respond to them first. Then I'll go to responding to the individual queries. I would like to first take up this issue about the media reports. Some of you raised it on recruitment in TCS and associated issues. Let me first say that for a Tata Group company, -- the most important thing that is expected of every employee is ethical conduct and integrating operation. That comes first ahead of any financial performance. So whenever there is a violation of ethical conduct by any employee, it pains us and pains me and all the leaders very deeply, and we take it extremely seriously, and we will deal always with very strong action. So in this case, I want to give you the background. We received 2 whistleblower complaints towards end February and March. On both the whistleblower complaints were investigated. The complaints were about certain favoritism being done and favor is being received in recruitment of BAs. So the company has two departments. One is the HR and talent acquisition, which hires people. The second one is the resource allocation group, which is a good deployment of the available resources into projects. And whenever there is talent shortage or a particular skill that is not available at that point in time in the location where we need them. The company has a set of BA, we call them business associated firms, the firms to get contract employees. At any point in time, in the overall deployment of resources about 2% to 3% or such BA associates or contractors. And this complaint was related to certain individuals in the company working with certain BA firms to be recruiting in their favor. Two things I want to say -- there are a large number of BA firms who do business with TCS. There is a rigorous process in the company to recruit a firm or qualify a firm or in panel a firm to be called as a BA firm. And there are about little over thousand firms across the globe because we need resources in 55 different countries. And each one of them do a certain amount of business depending upon the steel availability. And in this case, we found two whistleblower complaints, one related to India, one related to the U.S. The investigation in India is done by a senior officer in the company. And in the U.S. market, we had an external firm to be able to do that. And we found 6 employees who did not follow the ethical conduct. And well, we cannot quantify what favors they got, but they certainly behaved in a way that they are favoring certain firms. So we have banned all those 6 employees and also the 6 companies. Six such BA companies -- there are investigation pending on three more employees. That's all I want to say with respect to that. But the company will look at the whole BA supplier management process and see what the weaknesses are and we'll completely tighten the process. To ensure that we do not have such incidents. So that's a job that we have to do at this point. The second question I want to answer is there is a lot of question about the current environment, which industries are flowing, will the inflation effect the spending by customers and which sectors will slow down, which markets will slow down. But I want to give a holistic answer. As I mentioned in the opening speech, all the trends in terms of future transformation that all industries and companies in all markets have to go through, be it artificial intelligence or energy transition or supply chain transformation, or new skills and talent that is required for the future, all point to significant investment and adoption of technologies by all companies globally. And TCS with the right investments in capabilities building, partnerships, talent development, training is extremely well positioned to be able to participate in all these opportunities. Having said that, when there is a uncertainty in the global economic situation and higher inflation or slowing of growth, companies will calibrate their spending, whether to do it in this quarter or another quarter are postponed by two quarters that will happen. So certain discretionary spending companies will make a choice. It also depends on the amount of capital they want to spend at this point in time. So I believe that the growth for medium to long term is going to be strong. But on nearby quarters, there will be volatility in different markets on the customer spend, especially on discretionary projects. And it will go the cross sectors, some places, it will be BFSI, some places will be manufacturing. Some places, it will be retail. If the consumer consumption is going down in a certain market, the retail companies will consider cash. So all those things will happen in the coming immediate months and quarters. But overall, whether it is Cloud, whether it is IoT, whether it is predictive AI or Gen AI, et cetera. These are all trends which augurs extremely well for the company. Then the next question is what is Generative AI? What is predictive AI? And these things are dangerous or not? See, every technology has to be used responsibly. Predictive AI was primarily based on data. And Generative AI will have the opportunity to generate even text and we'll use all kinds of contextual information, not necessary numbers. So it kind of takes the opportunity and the impact that it can create here, a completely different level. Countries across the globe will come up with regulations to make sure that Generative AI is used responsibly -- but I can confidently say the impact will make with all the other associated technologies. Today, we are using cloud. Tomorrow, there will be 5G, 6G. Somebody asked a question about what is 5G and 6G? 5G and 6G will make every enterprise a real-time enterprise. And we are going to see that. It will take time. It may not happen in 2023, 2024, 2025. But in the coming years, all of this will happen. So adoption of technology is going to be very helpful for businesses, for society, for benefiting citizens, for benefiting poor people. So all of this is going to happen and the company will invest and build capabilities and be very proactive, be it in terms of partnerships, be it in terms of any acquisitions that are necessary, be it in terms of internal individual property development. already many of these initiatives are going on, and we will accelerate our focus in these areas. There was a question about cryptocurrency from Arun Kumar -- and Crypto is a difficult area. And so I feel that it will take time because every regulator is having a view, so it is something that will evolve, but it is not something that one will rush into. Manoj Kumar Gupta, your question about -- the other question that I want to address upfront is about bonus buyback versus dividend. The company and the Board has all the options in front of it, and we'll take the appropriate decision every year. The company has a very [indiscernible] refund policy of almost paying 100% of the profit as dividend. And it has got a track record of paying near under 100% for the last several years and which instrument to use is something that we will take a call, again, based on what is friendly for the shareholders. And company has sufficient funds. At any point in time, it has INR 50,000 crores or above for any investments that the company requires. So that's ever purpose. Mr. Manoj Kumar Gupta, most of your questions have answered. And we will definitely participate in many government projects, especially the projects in India. Many of the government projects are of high impact in nature, be it passport, be it income tax and even the BSNL system that TCS is working with another company, group company called Tegus is all high impact -- national impact projects, and TCS will continue to invest in those projects. And in Assam, we have a center Kolkata, we have a large presence. We will continue to evaluate what other opportunities are there for creating centers. TCS continues to increase the number of clients, Mr. Santosh Kumar Saraf. And in terms of the new clients, we report in terms of the number of new clients we add at a different revenue bands. At the 1 million band, we added 58 new clients last year. No, we and totally 58 new and totally about 1,241 new clients we have. And you asked about paternity benefit. The number reported is the number of people who have availed it. It is not that only they are eligible. The company has a paternity support policy benefit program. And those employees who avail is getting reported. And Mr. Jamadar, I already answered most of your questions. And U.K. market is pretty strong. The company has been the #1 company in IT service sector in the U.K. and it is doing very well both in the private sector as well as some of the governmental projects. Cognizant platform, is a very important platform, it has got 600 pre-created automation frameworks, which is extremely beneficial to the clients. And -- in terms of employees, you asked about the attrition, the company had attrition of 21.3%. Total number of women employees is close to 35%. And somebody mentioned about the number of women employees attrition is higher in generally, that is not correct. In the IT services, the number of women employees. Attrition is lower or very close to the male employees. The company has a very woman employee-friendly policy. And the employee attrition has come down after peaking for a couple of years. So you will see significant improvement in that metric in FY '24. Ratina Trudy asked about [indiscernible] impact. I've already answered that question broadly. Mr. Hernan Kotani, the company has a very strong health program, both in terms of program for Fit for Life where a company has a significant number of physical fitness related, running related and other activity-related programs, coaches and who helped employees. Company also has a program for mental health. -- company has one of the most friendly and comprehensive health insurance policy, both in India and in other markets. Gautam Tiwari, I already answered your question. Company roughly spends about 1% on R&D of revenue. And on the CSR, our FY '24 budget will be close to INR 850 crores. Tamil Muzumdar, regarding the employee recruitment, I already answered the question. Manufacturing growth, there is nothing specifically wrong with the manufacturing sector. It is the slowdown with some specific clients last year. And this year, as I said, the overall growth will vary. I do not want to say much because we are ending the first quarter, the company will make a commentary in its annual quarterly results in early July. See, every business is almost a digital business. So no point in reporting a specific number of digital revenues because everything that the company does, there is a digital component and somebody asked about the employee cost. Yes, employee cost has been going up consistently and it also because of some of the steps the company took in terms of localization, et cetera. And the effort is on to get it under control. You will see a focus to make sure that the employee costs remain under control by optimal use of resources and utilization as well as at the right location of work. Our margins of 24.1% is industry leading among at least the large companies, and the company has plans to work on this further, and I will leave the management articulated during the results season. And I really can't speak much about the growth and margins as we are in a silent period pretty much. And the sales receivables outstanding you asked about 65% to 67%. I think it's generally between -- in the 60% is a good number, and when it cross the 70s, we try to bring it down. Company will definitely invest significantly on AI. The geography mix is unlikely to change because the IT spend also represents the same mix. Companies in the U.S., the IT budgets are very high. And so our presence in the U.S. is much higher. So the geography mix is unlikely to change anytime now. And you asked something about the TCS Foundation audited financials. I don't know whether you wanted a copy. If you wanted a copy, the company will be able to provide. There is no change in accounting treatment or anything like that. So, if you have any specific questions, which I have not understood. You can please talk to the company, and I can send a written mail and company will respond. Arthi [indiscernible] -- you talked about TCS city and out-of-the-box thought. I think as we go into the future, we need to really think about future of work, which locations we operate from, do we operate from large campuses, do we build smaller locations. This is an exercise the company is going through on what is likely to be the future of work over the next decade. So we will take your inputs into account. Aspi, you asked about subs to be listed alphabetically. I've given the suggestion to the company. Tegus Network is a company that Tata Group acquired. They are into telecom networks and TCS and Tegus Network has partnered to roll out the next-generation 4G ,5G technology for BSNL. And they produce the necessary GEA, the radios and other related equipment. And TCS provide the system integration. Cybersecurity is a big practice for the company. Yes, this is an area the company will focus to help clients. And your comment on IPL is already noted, the company makes every effort to send the dividend to the shareholders. But when -- we are unable to reach the shareholders. Then finally, we have no option as then to send it to IPL. Your comments about the best practice on WhatsApp is a good one. We will take note of that. Mr. Sailesh Mahadevia, thank you for a number of comments you made. Tegus networks is not an acquisition by the company. It's an acquisition by the Tata Group. As I mentioned, TCS partners with Tegus network in building a solution in a rollout for the 5G. The company's EVA you asked, our EVA is INR 34,133 crores. And you asked about the rate of interest for results, 15.33%. And you or someone else asked about the order book. The company has an order book of a little over $34 billion. And someone asked about the number of participants in this AGM through video 217. Mr. Krishma[Bijan Shah], you asked about AI, how will TCS be affected positive or negative, as I said, any new technology TCS needs to adopt and adapt at a faster pace, always have to stay ahead of technology so that it can reinvent itself. We have done that over the last 4 decades, 5 decades, and we will continue to do that. [ Praful Chavda] -- as I said, we added 44,000 fresh engineers last year. All shareholders, who asked for a hard copy company will send the hard copy. I have already spoken to the company secretary and they'll ensure that it is done immediately. [Celestine Mascarenas]. Rating for CSR, I think there are many initiatives, and there are many firms. The company and the group is evaluating some of the group companies are following different standards. And we just want to make sure that we pick the right standard across the group, and we are working on that. Working from home. I think the number of people coming to office has increased. In fact, it is not that everybody is working from home or a set number of people are working from home. Almost everyone is coming to office, but for different days. So some people come 3 days a week to office and 2 days' work. Some people come one day or 2 days to obvious remaining days they work from home. So this is something that is evolving. [ Huma ] I guess it's very little I can do with your credit card related issues, but basically, banks do that to protect you. So as far as my knowledge goes, they send you a SMS or a text for confirmation so that your card is not misused. Sunil Agarwal, we work closely with the AAA Hyderabad. In fact, we have created Dr. Kohli Center. -- in IIIT, Hyderabad, we are very engaged, and we work with many IITs, many NITs and other academic institutions across the country. Lekha Shah, 35% of the employees are women. already answered the order book, Oprakash Kedrival, I already answered your questions. Gaurav, I've answered your questions. Arvin Baker, you talked about the operating margin of 24.1%, and the company will definitely look at it, even enhancing it further. But as I said, this year, we also have to take into account how the market is going to be. So more color will be provided by the management. Suman Agrawal, I cannot give you forward projections on when will it be $50 billion. The company has an excellent potential. I firmly believe that the company will be a high-growth company, whether it is in a constant currency, 10%, double digit on a particular year. I don't want to comment -- but these are things that the management should comment, but the company has a huge potential. I believe that the opportunities for the company and the sector is only increasing. Sharad Kumar Shah, noted your comments. [Atanu Saha]. We have 953 handicapped employees 725 of them are male, 228 of them are women. And you asked about how many start-ups the company is working with. The company has a start-up network of 2,700 start-ups globally. Mr.[Ashok] Subramaniam. I must say that you gave very, very interesting suggestions for the group. -- whether it is in physical infrastructure or solution for Indian homes. But Tata Power already has a rooftop solar -- and wherever they implement a rooftop solar, the excess power, they have a mechanism to sell it to the grid already. But there are many other suggestions you gave and how we can share some of the knowledge that we have gained, et cetera. So we will take that into account. Sumeet Jain, you asked about funding for the future. As I said, the company has invested capital -- invested funds of INR 50,000 crores. So dividend is not being paid to the shareholders at the cost of company's future. Deep Janak, I already answered all your questions. And in terms of the top 5, top 10 client revenue, the company publishes this every quarter. I don't have it handy, but definitely, the company can provide you that information. Parakashni Chinoy, generally I have answered all your questions. You talked about employee cost rising and the flat profit. It is noted. And -- as I said, these are things that are being addressed. Gautam Nandi, thank you for your comments, answered your questions. Alka Karnani, you asked how the cash will be used. I think wherever there is a need for acquisition, we will use the acquisition. Otherwise, we'll make the necessary investments. And we have a very healthy, in fact, one of the benchmark dividend payout ratios. So capital allocation is key for the company as well as for the group. So we focus on that. Abhijit Kumar [indiscernible], we are continuing to add clients in the European market, but the European market faces inflation and lower growth -- and there is increasing power costs and gas cost in Europe. So we have to watch, what is going to be the discretionary spend that is going to happen. U.K. -- the company has a very strong policy towards privacy. It has got a lot of focus on GDPR. It very strictly has implemented GDPR in the privacy. Policy in the company and also the systems, and we are also working with clients to help them on the GDPR issue. And you asked about U.K. I think even though the U.K. economy have faced issues, the company has been doing extremely well. The order book is strong. And as I said, TCS is the #1 IT services company in the U.K. Yousef Rangwala, -- thank you so much for your very nice comments and asking me about my well-being. I'm doing very well. I'm very healthy. Thank you. Thank you for everything. With those questions I have answered all the -- with those answers all the questions have been answered. Now I would like to authorize -- the Company Secretary Pradeep Gaitonde, to conduct the voting procedure and conclude the meeting. The e-voting facility will remain open for the next 15 minutes to enable those who have not casted their vote to exercise their vote -- the results would be announced within the stipulated time and will be intimated to both the stock exchanges as well as on the website of NSDL and that of the company. I thank all the shareholders who have participated and all other shareholders also for your continuous faith, support in the company. And I also want to thank all our directors who have been providing invaluable guidance to the company and for making time to join the meeting today. Thank you all. Wish you good health, and see you next year.